Successful Business Actions Achieve Results

It’s not often that we get an inside look at what someone did to turn their business from failing into a fifty-year, multi-million-dollar business. Fashion mogul Peter Nygard’s story is a fascinating one especially considering that not many people go from poor boy to multi-millionaire.

Shortly after Nygard bought into Jacob Fashion in 1968, it’s owner, Nathan Jacob, passed away without training his protégé. Though disappointed by the lack of training, on reflection, Nygard felt it was probably best ‘not to have learned the bad habits of the industry’. Nygard was forced to figure out how to make the business a success on his own.

He took a series of steps that includes, conducting a survey of their customers in 1968, when such things weren’t done; he also researched and asked the perspective of his sales people during the design process—something that was also not a common practice.

Additionally, Nygard moved up his ‘line schedule’ so he would be the first to source materials, get the best price, and be the first to market. He also made moves to protect company accounts—those purchasing his products and selling them in their stores—which helped to establish him as an ‘honest broker’ in an otherwise not so honest industry at that time.

These things all helped to catapult him towards increased sales. Nygard took the company from a manufacturing company to a fashion house that became Canada’s largest women apparel company.

Read the rest of the story and see the timeline of this successful story here.